By Srinivas Chowdary Sunkara // petrobazaar // 24th July, 2018.
Brent Sep price inched down by a penny at $73.06 and WTI price of Sep futures slipped by $0.37 to close at $67.89 a barrel last night. WTI August contract expired on Friday at $70.46. I say that the U.S president provided a shot in the arms for the prices to start the week. Market played down the U.S – Iran rhetoric by shifting the focus on over supply from OPEC allies. More than 2.5Mbpd of Iran exports, I am worried on the passing of 19Mbpd shipments via 'The Straight of Hormuz', a strategic choke point where Iran can disrupt the 30% of oil supplies.
Coming to price, I do not understand why Brent likes to stuck in between a range. It seems that the oil market is confused with a flow of statements like IEA's concern on lowering of investments into energy and G20 countries cautioned on increasing risk to global growth.
Today, Asian markets are opened in red after a shifting of focus on over supply fears and fall in stocks at U.S delivery hubs. API weekly data will be released today during the late hours. Have a good day.
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